St. Paul daily globe., 1887-05-16

tulcrWdTuS taken IN SCdlner as q part
ner. Stainer has been notOriOusly un-
popular for years in Wall street, where
most men consider him a tricky oper-
ator, and Ives was looked upon as flying
in the face of providence when he went
into partnership with Stainer.
The story OF Stainer'S rise from OBJ
scurity to prominence is even more pc
culiar than that of Ives, and it has never
been published. Years ago he was an
engrayer in the employ of the American
Bank Note company. He was good
workman. but not conspicuous among
his associates. One day the company
convened in annual meeting, and to the
surprise OF the assembled stockholders
EMPLOYE STAINER WALKED IN
9nannounced and unbidden, and sat
down as if he belonged there. The as
tonlSlled stockholders had a fit when the
vote for officers was announced, for it
appeared that the insignificant emplOye
had been elected treasurer! The fact
transpired that for months past Stainer
mad been picking up odd shares of
American bank note stock, buying some
and getting proxies here and there, until
with his own holdings, which were
small, and his proxies, he actually con-
trolled majority. 1t worried the old
stockholders badly, but Stainer stuck to
ms position, and in due time assumed
the treasurer's duties. For several years
he reelected himself treasurer, and the
Stockholders got over their worry, for
ne ne made sdte; faithful and capable official.
he retains his interest in the
concern, and is in the directory.
1t was not this brilliant stroke
that made him unpopular, but a series
of operations in Wall street. One of
the greatest and, according to common
report, thoroughly characteristic one,
has never been told. 1t occurred at the
period Immediately preceding the cele-
brated failure of Jay Cooke and Henry
Clews' company. Stainer was then a
modest operator, and dealt with both
these houses. Nobody knew anything
about him except that he was prompt
III selling, kept his margins up in uneX-
ceptiOnal shape, and that he operated
with becoming caution. He kept $1,000
on deposit with Clews & Co. One of
the strict rules of this house was
NEVER TO SELL ANY STOCK .'SHORT''
unless the shares were actually in hand
at the time of the transaction. One
afternoon, when Mr.. Clews had left his
office for the day, Mr.. Stainer called and
left an order to sell ''ShOrt" 200 shares
of mining stock. The clerk explained
that 1t could not be done unless the
shares were in the office. According to
the clerks testimony before the govern
0rS OF the exchange in the subsequent
investigation, Mr.. Stainer'S reply was:
That will be all right; | will bring the
stock around tomorrow morning." AT
any rate the clerk consented to break
the rule, and the stock was sold OF S3 a
share. The next day Stainer did not
appear, and Mr.. ClewS, happening to
meet Mr.. Cooke on the street, mentioned
the matter, when it transpired that
Stainer had done exactly the same thing
at Cookies Office that he had at
Clews'. That made them uneasy,
and both sent their representa-
tiveS to the mining board to buy up 200
shares of the stock in question. None
was for sale at first. Stainer had Sc
cured all of it, aud Clews and Cooke had
to bid against each other to get hold of
enough to cover their trivial sales. The
excitement was tremendous, and. to
make short the story of the days bid
ding, when it was over Mr.. Clews figured
up balance of 1872, difference on
that pitiable geo shares which he would
have to pay to Stainer. In other words,
for stock that he had agreed to sell at IS
a share he found himself obliged to pay
1868 share! 1t was brought to the at
tention of the governors of the exchange,
and when CleWs' clerk declared that
Stalner had promised to produce the
stock that he wanted to sell. they
promptly nullified the transaction and
CleWS and Cooke escaped.